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New Rules for Check Cashers

The Department of Financial Institutions has amended rules affecting Check Cashers and Sellers. The changes to the rules are published and available at www.dfi.wa.gov/cs/pdf/rulemaking/check_adopted_rules.pdf. This link takes you to the new language. Amendatory language, if new, is underlined; if language is being deleted, it is stricken through.

The rule amendments will become effective December, 21, 2007.

Key Points:

Amendments to the rules include making the rules consistent with federal standards for making small loans to members of the military.

The amendments incorporate Senate Bill 5199 passed by the legislature this year. The changes address unlicensed Internet lending and fraud.

Other amendments include protection of borrower’s non-public information and procedures for cash payments or cash payoffs of small loans.

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